Four deliverables expected at Durban BRICS Summit

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Last Updated: Mon, Mar 25, 2013 17:01 hrs

Durban: Four concrete deliverables are expected at the 5th BRICS Summit at Durban March 26-26 that will take the process of the five-nation bloc forward to the next level, Indian officials said Monday.

Prime Minister Manmohan Singh, who arrived here Monday evening, will join the leaders from Brazil, Russia, China and South Africa for the summit, being held in the African continent for the first time.

The four deliverables expected at the summit are:

- The eThekwini Declaration, named after the alternate name for Durban to set the future agenda for the bloc

- The launch up of the BRICS Business Council Wednesday at the breakfast meeting among leaders.

- A consortium of five think tanks from each of the five countries, with India represented by the Observer Research Foundation.

- Two pacts on BRICS Multilateral Infrastructure Co-financing Agreement for Africa and BRICS Multilateral Cooperation and Co-financing Agreement for Sustainable Development where India is represented by its Exim Bank.

Ahead of the summit, the prime minister had said in a statement that he looked forward to engaging with the other BRICS leaders on ways to spur global growth, sustain macroeconomic stability and push investments.

"At a time when the world is facing multiple challenges, the Durban Summit provides a useful and timely opportunity to consult and coordinate on a broad range of issues with our BRICS partners," he said.

"We will discuss ways to revive global growth and ensure macro-economic stability, as well as mechanisms and measures to promote investment in infrastructure and sustainable development," he said.

"India will also urge faster movement on reform of institutions of global political and economic governance. It is important that BRICS continue to consult closely on developments affecting global peace and security."